What is a Simple Random Sample (SRS)?
- Content Type:
- Glossary
Simple random sample (SRS) Definition
A sample selected in such a way that every element of the population has a known and equal chance of being chosen for the sample. Also called random sample.
A simple random sample (SRS) is a sampling technique where every individual in a population has an equal chance of being selected for the sample. In market research, it involves randomly selecting participants to represent the larger target audience, ensuring that each member of the population has a known and non-zero probability of being included.
Who relies on simple random sample (SRS) in market research?
Market researchers and organizations that need unbiased and representative data rely on SRS. This method helps in obtaining a sample that accurately reflects the characteristics and diversity of the entire population, leading to more reliable insights.
Why should I care about a simple random sample (SRS) in market research?
Understanding SRS is crucial because it provides a solid foundation for obtaining unbiased and generalizable results. If you're involved in market research, SRS helps ensure that your sample accurately represents the larger population, leading to valid conclusions and informed decision-making.
Why is simple random sample (SRS) important in market research?
- SRS is important because it minimizes bias and ensures that each member of the population has an equal chance of being included in the sample.
- This approach is the gold standard for achieving representativeness, making it easier to generalize findings and make well-informed business decisions based on reliable data.